Allspring Global Investments Holdings LLC lifted its position in CubeSmart (NYSE:CUBE - Free Report) by 14.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,089,845 shares of the real estate investment trust's stock after purchasing an additional 624,661 shares during the quarter. Allspring Global Investments Holdings LLC owned 2.26% of CubeSmart worth $273,986,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in CUBE. Whittier Trust Co. lifted its position in shares of CubeSmart by 136.9% during the second quarter. Whittier Trust Co. now owns 559 shares of the real estate investment trust's stock worth $25,000 after purchasing an additional 323 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of CubeSmart in the 1st quarter valued at $26,000. UMB Bank n.a. raised its position in shares of CubeSmart by 302.0% during the third quarter. UMB Bank n.a. now owns 591 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 444 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new position in shares of CubeSmart during the second quarter valued at $33,000. Finally, Larson Financial Group LLC bought a new position in CubeSmart in the first quarter valued at about $45,000. Institutional investors and hedge funds own 97.61% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on the stock. Jefferies Financial Group upped their target price on shares of CubeSmart from $53.00 to $62.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Royal Bank of Canada initiated coverage on shares of CubeSmart in a report on Tuesday, September 10th. They set an "outperform" rating and a $56.00 target price for the company. Truist Financial increased their price target on CubeSmart from $44.00 to $50.00 and gave the company a "hold" rating in a research note on Friday, August 16th. Wells Fargo & Company lifted their price objective on CubeSmart from $46.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Friday, July 26th. Finally, Raymond James increased their target price on CubeSmart from $48.00 to $50.00 and gave the company an "outperform" rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $50.50.
Check Out Our Latest Report on CUBE
CubeSmart Stock Up 0.2 %
Shares of CUBE traded up $0.08 on Friday, hitting $49.98. The company's stock had a trading volume of 1,079,176 shares, compared to its average volume of 1,467,054. The firm's fifty day moving average price is $51.56 and its 200-day moving average price is $46.84. CubeSmart has a fifty-two week low of $33.17 and a fifty-two week high of $55.14. The company has a quick ratio of 0.03, a current ratio of 0.03 and a debt-to-equity ratio of 1.03. The firm has a market capitalization of $11.26 billion, a price-to-earnings ratio of 28.08, a P/E/G ratio of 9.12 and a beta of 0.82.
CubeSmart (NYSE:CUBE - Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.23). The company had revenue of $266.20 million for the quarter, compared to the consensus estimate of $260.68 million. CubeSmart had a return on equity of 14.37% and a net margin of 38.07%. The firm's revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 EPS. On average, equities research analysts expect that CubeSmart will post 2.65 EPS for the current year.
CubeSmart Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Tuesday, October 1st were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Tuesday, October 1st. This represents a $2.04 dividend on an annualized basis and a dividend yield of 4.08%. CubeSmart's payout ratio is presently 114.61%.
Insider Activity at CubeSmart
In other CubeSmart news, COO Joel D. Keaton sold 43,478 shares of the business's stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total transaction of $2,085,639.66. Following the sale, the chief operating officer now directly owns 87,663 shares of the company's stock, valued at $4,205,194.11. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, COO Joel D. Keaton sold 43,478 shares of the firm's stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $47.97, for a total value of $2,085,639.66. Following the completion of the transaction, the chief operating officer now directly owns 87,663 shares of the company's stock, valued at approximately $4,205,194.11. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Christopher P. Marr sold 37,000 shares of the company's stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $48.45, for a total transaction of $1,792,650.00. Following the sale, the chief executive officer now directly owns 576,836 shares in the company, valued at $27,947,704.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 88,217 shares of company stock valued at $4,244,344. 1.68% of the stock is owned by insiders.
CubeSmart Profile
(
Free Report)
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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